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Wells Fargo Creates $100 Million Fund for Enfinity America

Jan. 25 (Bloomberg) -- Wells Fargo & Co., the most valuable U.S. lender, created a $100 million fund to finance solar-energy projects developed by Enfinity NV’s North American unit.

The fund for Enfinity America Corp. will support the Atlanta-based company’s pipeline of distributed generation photovoltaic projects for commercial, industrial, and municipal clients, Wells Fargo said today in a statement.

The investment enables the bank to take advantage of a 30 percent investment tax credit for solar energy.

“This is exactly like other funds we’ve created for other solar integrators that focus on commercial scale projects,” Barry Neal, head of Wells Fargo’s environmental finance group, said today in a telephone interview.

Other developers the bank has created funds for include MEMC Electronic Materials Inc.’s SunEdison LLC, SunPower Corp., and GCL-Poly Energy Holdings Ltd., China’s largest polysilicon maker.

Many of the projects will be “behind the meter,” helping to reduce the power factories or businesses need to buy from utilities, Neal said. “That’s where a lot of the growth for solar has been.”

Wells Fargo, based in San Francisco, has invested $2.7 billion in equity financing in more than 300 renewable energy projects in 27 states since 2006, according to the statement.

The company will use the financing for projects ranging from 3 megawatts to 15 megawatts in capacity, Vin Staniforth, Enfinity America’s head of marketing, said by telephone.

Installations will primarily be in California, Arizona, Nevada, New Mexico, Hawaii, New Jersey, Massachusetts, North Carolina and Ohio, he said.

To contact the reporter on this story: {Andrew Herndon} in San Francisco at aherndon2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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